1.5.2 Entrelpreneurial motives an characteristics

Question 1

Definition of entrepreneurial characteristics

Answer 1

the skill, quality or trait of the person starting the business eg creativity

Question 2

definition of entrepreneurial motives

Answer 2

factor that drives a person to start a busines eg to be their own boss

Question 3

entrepreneurial characteristics!!!!

Answer 3

creativity, hardwork, resilience, initiative, risk taking, selft-confidence

Question 4

entrepreneurial skills

Answer 4

communication, team working, IT, organisation, problem solving, numeracy

Question 5

definition profit maximisation

Answer 5

aim to make highest amount of profit possible

Question 6

definition profit satisfaction

Answer 6

aim make just enough profit to keep the business moving plus another aim at the same time

Question 7

examples profit satisfaction

Answer 7

reward employees with wages
invest in environmental project
serve community

Question 8

non-financial motives

Answer 8

independence, flexibility, ethical reasons, social purpose (social objectives-poverty, unemployement, AIDS), personal challenge

Question 9

what is a sole trade

Answer 9

a business owned and run by one person, with no legal distinction between the owner and the business.